REAL ESTATE NEWS
PENDING HOME SALES FALL SLIGHTLY IN AUGUST
Pending home sales slowed modestly in August but contract signings remain at their second-highest level over the past year, according to the NATIONAL ASSOCIATION OF REALTORS®. All major regions experienced declines except for the West, which rose for the fourth consecutive month.
NAR’s Pending Home Sales Index fell 1 percent to 104.7 in August from 105.8 in July, and is now 2.2 percent below August 2013 (107.1). Despite the slight decline, the index is above 100 – considered an average level of contract activity – for the fourth consecutive month and is at the second-highest level since last August.
The PHSI in the Northeast slipped 3 percent to 86.5 in August, but is still 1.6 percent above a year ago. In the Midwest, the index fell 2.1 percent to 102.4 in August, and is 7.6 percent below August 2013.
Pending home sales in the South decreased 1.4 percent to an index of 117.0 in August, unchanged from a year ago. The index in the West rose for the fourth consecutive month (2.6 percent) in August to 102.1, but still remains 2.6 percent below August 2013.
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